With the broader ASX stabilising after last week’s tech wobble, small caps are leaning on grade, momentum and funding catalysts. Gold’s sustained strength continues to reward high-grade discoveries, while energy and critical minerals players push derisking milestones.
Far East Gold hits visible coarse gold and bonanza grades at Idenburg
Far East Gold Ltd (ASX:FEG) has reported visible gold and multiple bonanza-grade intervals at the Sua Prospect in Indonesia, including 9.8m at 13.77 g/t gold and a standout 82 g/t over 0.4m, with assays peaking at 180 g/t. The hole successfully validates high-grade results from past drilling and strengthens confidence in the broader 5-kilometre vein system.
Antipa Minerals extends high-grade mineralisation at Minyari Dome
Antipa Minerals Ltd (ASX:AZY) returned more strong gold-copper assay results at Minyari in WA’s Paterson Province, including 53m at 1.9 g/t gold and 1m at 32.6 g/t gold. The intersections extend mineralisation both down-dip and along strike, reinforcing the resource growth case heading into pre-feasibility study (PFS) work.
Lightning Minerals expands gold and base metals footprint at Mt Turner
Lightning Minerals Ltd (ASX:L1M) continues to deliver high-grade epithermal gold at Mt Turner, highlighted by 3.9m at 3.6 g/t gold, alongside significant base-metal sulphides such as 12.4m at 6.2% zinc, 1.4% lead and 24.2 g/t silver. The campaign confirms shallow mineralisation below historic pits and opens a new polymetallic zone tied to the porphyry system.
Terrain Minerals identifies multiple drill targets at Wildflower
Terrain Minerals Ltd (ASX:TMX, OTC:TMXAF) has mapped multiple high-priority drill targets from an induced polarisation survey at its Wildflower prospect, with anomalies extending across roughly 800 metres. The structures share characteristics with the nearby Lightning discovery, with drilling scheduled to begin in January 2026.
Elixir Energy secures R&D funding support for Lorelle-3 appraisal well
Elixir Energy Ltd (ASX:EXR, OTC:ELXPF) has gained Advance Finding approval under the Federal R&D Tax Incentive, allowing up to 48.5% of eligible drilling and testing costs for the Lorelle-3 gas appraisal well to be refunded. The approval enables non-dilutive financing ahead of the January spud.
American Rare Earths improves recoveries with updated flowsheet at Halleck Creek
American Rare Earths Ltd (ASX:ARR, OTCQB:ARRNF) has released an updated mineral processing flowsheet for Halleck Creek, with optimisation tests showing the Reflux Classifier Concentrator delivers improved rare earth recoveries and lower mass yield than spirals. The refinements are expected to feed into PFS economics.